Earlier this week, Nigerians were left in shock following the announcement by the Nigerian National Petroleum Company Limited (NNPCL) of a steep hike in petrol prices. The retail price was increased from N617 to N857 per litre, a development that has further exacerbated the ongoing economic hardship in the country.For over two months, long petrol queues have plagued the country, particularly in the capital, Abuja. However, with this new price increase, the situation has taken a dire turn. Only a few filling stations are currently dispensing petrol, leaving many Nigerians stranded and frustrated.The crisis is deepened by widespread concerns about the accuracy of fuel meters at stations. Reports suggest that many stations, including government-owned outlets, may be adjusting their meters, short-changing customers even as they struggle to afford the already inflated prices.The timing of the price hike comes amid admissions from NNPCL management about a severe debt challenge. The company is reportedly facing a $6 billion debt from its international supply chain, which has directly impacted its ability to sustain fuel supply across Nigeria.Since the removal of fuel subsidies by the Nigerian government on May 29, 2023, fuel prices have fluctuated significantly. NNPCL had previously retained its pump price at N617 per litre while independent retailers sold petrol at even higher rates. In a statement by the Chief Corporate Communications Officer, Olufemi Soneye, the company acknowledged that this debt burden was a major factor in the ongoing fuel shortages nationwide.There have been widespread speculations that the national oil company has been struggling to meet the country’s fuel supply demands. Yet, despite these concerns, the Federal Government has consistently denied claims that it is still subsidizing petroleum products, further fueling the uncertainty around Nigeria's fuel crisis.
